Asia’s Crypto Landscape – A Messari Report

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Messari’s Asia’s Crypto Landscapes report examines the key exchanges, funds, and market makers that define crypto in China, Japan, Korea, Hong Kong, Singapore, and Southeast Asia, with commentary on regulatory and investment trends.

Introduction

Many people aren’t familiar with the dominant exchanges, funds, custodians, and market makers in Asia. To make matters even more complex, each country has a different culture and regulatory body. However, having a grasp of what’s happening in the region is rewarding. With Asia accounting for 60% of world population, infrastructure companies across the world are interested in tapping the growing market. By the end of last year, six of the top ten largest crypto unicorns in the world were located in Asia. Today, of the top 20 token projects, over 40% of the market capitalization is based in Asia. Asian companies also account for 98% of ETH and 94% of BTC futures volumes.

Leading crypto countries, such as China, Japan, Korea, Hong Kong, and Singapore, have deep pools of liquidity, while other countries have a great potential to scale. The nature of traditional finance has played a key role in the adoption of crypto: capital controls pushed investors towards cryptocurrencies in China and South Korea while low-yields pushed adoption in Japan. By the end of 2019, six of the top ten largest crypto firms in the world were located in Asia. As of January 12, 2021, of the top 20 token projects with headquarters, 42% of the market capitalization is based in Asia (as shown below).

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